Saudi Arabia Car Rental and Leasing Market Report and Forecast 2025-2034

According to a new report by Expert Market Research (EMR) titled "Saudi Arabia Car Rental and Leasing Market Size, Share, Analysis, Report, Demand, Forecast 2025-2034", the Saudi Arabia car rental and leasing market reached approximately USD 2.52 Billion in 2024. The market is projected to grow at a CAGR of 9.20% from 2025 to 2034, reaching a value of around USD 6.08 Billion by 2034. This growth is driven by the increasing demand for flexible transportation solutions in the region, bolstered by initiatives aimed at diversifying the economy and enhancing mobility options.

Car rental and leasing in Saudi Arabia have become vital components of the country's transportation ecosystem, catering to both personal and corporate needs. The market is particularly driven by the significant demand for rental and leased vehicles from tourists, business travelers, and residents who prefer convenient transportation options over vehicle ownership.

Market Dynamics and Growth Drivers

Saudi Arabia's rich cultural and religious significance, particularly as the host of the Hajj pilgrimage, has further boosted demand for rental vehicles. The Saudi Vision 2030 initiative, which focuses on diversifying the economy beyond oil, has also played a crucial role in supporting the growth of the tourism and transportation sectors, further propelling the car rental and leasing market.

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Market Segmentation

The market is divided based on several factors, including:

By Type: Car Rental, Car Leasing

By Propulsion: Internal Combustion Engine (ICE), Electric

By Vehicle Type: Hatchback, Sedan, Multi-Utility Vehicle (MUV), Sports Utility Vehicle (SUV)

By Mode: Online, Offline

By End Use: Individual, Corporation

The short-term rental segment is highly popular among tourists, while long-term leases cater to businesses and individuals looking for more flexible vehicle options without the responsibility of ownership.

Market Trends and Technological Advancements

Emerging trends include the adoption of electric and hybrid vehicles, the implementation of advanced telematics systems for fleet management, and the growth of car-sharing platforms. These innovations are reshaping the dynamics of the market, offering new growth opportunities and enabling a transition to more eco-friendly and efficient transportation solutions.

Demand and Growth Prospects

The demand for car rental and leasing in Saudi Arabia is projected to rise, driven by the booming tourism sector, ongoing economic diversification efforts, and technological innovations in the transportation sector. As the country continues to evolve its infrastructure and services, the car rental and leasing market will play a pivotal role in offering flexible, efficient, and modern mobility solutions.

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Competitive Landscape

The EMR report provides insights into the market shares, investments, capacities, mergers, acquisitions, and key developments of leading companies in the Saudi Arabia car rental and leasing market. Some of the key players identified in the report include:

The Hertz Corporation
Avis Budget Group, Inc.
SIXT SE
Hanco (Al Tala'a International Transportation Co. Limited)
Key Car Rental Company
Enterprise Holdings, Inc. (National Car Rental)
Yelo (Alwefaq Transportation Solutions)
Bin Hadi
Europcar International S.A.S.U
Samara (Alturki Holding)
Others

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This release was published on openPR.